Basically yes. The Gemara talks about if several boys in this family died from circumcision (which was the sign of hereditary hemophilia), then the next boys should not have it.
As always there's some discussion about it -- I recall in yeshiva we split hairs over whether we say there is still an obligation of circumcision but it's overridden due to saving a life, or do we say there is no obligation per se; and I recall a shiur from R' Osher Weiss where he quoted the Avnei Neizer who proposed the novel idea that medical concerns (less than totally-life-threatening) may mean a person shouldn't, say, drink on Purim this year, but the calculus is different if the person will never be able to fulfill the mitzva in their life (e.g. circumcision). The Avnei Neizer shows his Hassidic stripes as he then justifies this (you can take it or leave it as you like): "perhaps you were sent into this reincarnation just to do that one mitzvah, and if you fail, your soul will need another go-round?"